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California  + Hospitality  | 

Laurus Finalizes Sale of 114-Acre Former Golf Course

Los Angeles-based Laurus Corporation divested the former Carmel Highlands Golf Course in San Diego’s Rancho Penasquitos community to an affiliate of Manhattan Beach-based 33North Development Group for a reported $14.5 million. In 2011, the investment and development firm purchased the 114 acres, along with the adjacent DoubleTree hotel, which it still owns.

Laurus’ investment strategy produced roughly 17% annual unlevered IRR and a nearly 1.6X equity multiple on the land component alone. The new owner is seeking to develop a luxury residential community that complements new open and green areas, upscale amenities, and renovated hotel.

Laurus Corp.’s Jean Paul Szita says, “When we first acquired the property, we immediately recognized the need to separate the viable hotel operation from the unfeasible golf course operation, which was on a parcel of land holding significant upside potential in the hands of the right residential developer.”

For comments, questions or concerns, please contact Dennis Kaiser

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Read More at ABC NewsConnect with Laurus Corp.’s SzitaConnect with 33North Development Group

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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